Analyst Note
| Dawit Woldemariam |Narrow-moat-rated Grainger reported another quarter of solid results, leading us to raise our fair value estimate to $415 from $390 previously. Given its position as a national distributor, Grainger has been adept at leveraging its global network of suppliers (thousands of suppliers) to secure industrial supplies, while smaller regional distributors lack the distribution network to secure supplies amid a period of major supply disruptions.